Covenant Aco Inc

Nonprofit profile at a glance

EIN
611573313
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Renton, WA, USA
Phone
8067250711
Rating
56
Verdict
MIXED
Rating confidence
Moderate
Sector
Hospitals and Related Primary Medical Care Facilities
Affiliation
Christianity

Official website

Reported finances

Revenue
$6,591
Expenses
$6,591
Assets
$6,613,954
Liabilities
$7,464,024

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

26 people listed

Executive titles in this filing

  • WALTER CATHEY (CEO)
  • MICHAEL ROBERTSON MD (FORMER CEO)

Highest reported compensation

  • WALTER CATHEY (CEO): $1,481,609 total reported compensation
  • RYAN OWEN MD (BOARD MEMBER - THRU 12/31/24): $931,646 total reported compensation
  • JASON STREFLING MD (BOARD MEMBER): $925,823 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

As expressions of god's healing love, witnessed through the ministry of jesus, we are steadfast in serving all, especially those who are poor and vulnerable.

What it reported doing in 2024

See schedule oat providence, we use our voice to advocate for vulnerable populations and needed reforms in health care. We are also pursuing innovative ways to transform health care by keeping people healthy, and making our services more convenient, accessible and affordable for all. In an increasingly uncertain world, we are committed to high-quality, compassionate health care for everyone - regardless of coverage or ability to pay. We help people and communities benefit from the best health care model for the future - today. Together, our 125,000 caregivers (all employees) serve in 51 hospitals, 1,014 clinics and a comprehensive range of health and social services across Alaska, California, Montana, New Mexico, Oregon, Texas and Washington. The providence affiliate family includes: -providence across five western states -covenant health in west Texas and New Mexico -facey medical group in los angeles, ca -kadlec in southeast Washington -pacific medical centers in seattle, wa -swedish health services in seattle, wa in 2024, providence ministries and affiliates provided $1.9 billion in community benefit programs. This includes free and discounted care, uncompensated and subsidized care, and other community health activities. One of these vital programs, medicaid, is a lifeline for millions of individuals, including seniors, children, pregnant patients, those with disabilities and veterans. We are grateful to everyone in our communities who has joined us in advocating for continued funding and expansion of this program. Together, we are helping to ensure more people have access to needed care. For more information go to: https://www.providence.org/about/annual-report through our community benefit programs, we focus on meeting the diverse needs of the people we serve by working to ensure basic health needs are met, removing barriers to care, building community resilience and innovating for the future. Providence continues to work towards carbon negative and in 2024 decreased emissions by 19 percent compared to our 2019 baseline. Our efforts earned us a system record 55 environmental excellence awards from practice greenhealth and made us the first large system to receive the joint commission's sustainable healthcare certification in 2024 for each of our hospitals.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 60
  • Transparency & Controls: 67
  • Accountability: 48
  • Sustainability: 56
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 68%; rating input score 68
  • Program expense ratio: 68%; rating input score 68
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 26.3%; rating input score 26; 19th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0%; rating input score 55; 55th percentile among comparable filings
  • Total-asset coverage ratio: 1,003.48; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 1.13; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: 11,628%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: -13.7% per year; rating input score 0; 23rd percentile among comparable filings
  • Revenue growth: -15.4% per year; rating input score 0; 24th percentile among comparable filings
  • Asset growth: -0.1% per year; rating input score 0; 39th percentile among comparable filings

Details

  • Where the money goes: 68% of revenue deployed · 68% of spending went to programs
  • Governance: 5 of 19 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $4K in reported program spending
  • Leadership: top reported pay $1.5M · 26 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 14 of 14 current checks pass
  • Schedules: 4 filed schedules · includes executive pay and related organizations
  • Filing history: 13 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 175 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Independent voting board scored 26/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Review — Sustainability: Operating margin scored 55/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 5/100.